The country's first, and perhaps the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched. Edelweiss Tokio Life Insurance has recently launched PoS Saral Nivesh -- the first product to be approved by the Insurance Regulatory and Development Authority of India's (IRDAI) guidelines on point of sale-life insurance products.
PoS Saral Nivesh is a non-linked, non-participating endowment life insurance plan which offers both protection and saving. The benefits are guaranteed and are payable in case of maturity or death, whichever is earlier. The sum assured ranges from Rs 50,000 to Rs 10 lakh. Customers can choose any sum assured in between in multiples of Rs 10,000. The policy tenure ranges from 10 to 20 years. The premium payment terms are five, seven, 10 and 12 years.
